Andy Main has been named the new CEO and President of Bakkt, a cryptocurrencycurrency trading and custody platform, beginning March 26. Because it does not meet the listing rules, the company is taking this move to decrease the possibility of being delisted from the New York Stock Exchange (NYSE).
Gavin Michael, who is leaving Bakkt to seek other possibilities, will be succeeded by Main, who joined the board of directors in 2021. Michael will assist with the transition by serving as an advisor until March 2025.
Bakkt alleges that Main held leadership positions at Deloitte Digital and was the CEO of Ogilvy, a marketing and advertising firm. With extensive expertise in both the digital and consulting industries, he is well-suited to lead Bakkt’s efforts to solve its current challenges.
Bakkt just raised $50 million from registered direct sales, allaying concerns about the company’s ability to continue operations. According to Main, “the conditions that raise doubt about us as a going concern were relieved” by this funding.
Bakkt is implementing cost-cutting efforts such as restructuring external services and eliminating unnecessary licensing, in addition to raising cash and changing leadership. The major goal is to boost revenue by developing strategic relationships and capitalizing on the bitcoin market’s substantial impact.
